Summary

• Columbia Total Return Bond Fund Institutional Class shares returned –0.05% for the quarter ended March 31, 2026, performing broadly in line with its benchmark.
• The Treasury yield curve finished higher and flattened over the quarter, as shorter maturities experienced the most significant increases with the U.S. Federal Reserve apparently on hold.
• Sector allocation contributed to relative performance, with the largest contribution stemming from Columbia Total Return Bond Fund’s overweight allocation to agency mortgage-backed securities.
• The fund expects there is potential for the Fed to place more emphasis on its employment mandate than its inflation mandate, which could cause bond yields to decline.
• Columbia Total Return Bond Fund believes that fixed-income investors ought to emphasize quality today, especially now that yields have moved higher, as opportunities will likely shift quickly in 2026.

Fund performance

■ Columbia Total Return Bond Fund Institutional Class shares returned –0.05% for the quarter ended March 31, 2026.

■ The Bloomberg U.S. Aggregate Bond Index returned –0.05% for the same period.

Market